Natwest suddenly closed my account

jonesMUFCforever

I wonder why the account is being closed - OP states he is a normal student - so what has spooked Nat West?
OP have you ever let a 'friend' pay money in and out of your account or have you conducted any business transactions through it - have you sold anything that has been in dispute?

One last thing if this leads to a CIFAS marker you may find your other bank wanting to close your account as well.

justastudent

jonesMUFCforever wrote: »

I wonder why the account is being closed - OP states he is a normal student - so what has spooked Nat West?
OP have you ever let a 'friend' pay money in and out of your account or have you conducted any business transactions through it - have you sold anything that has been in dispute?

One last thing if this leads to a CIFAS marker you may find your other bank wanting to close your account as well.

No not at all. I just have had the account opened for around 15 months, within the first 3 I used all the o/d facility and hadn’t used it for about idk 9 months; I.e never paid anything into or out of it and left at same high negative balance...in turn I didn’t use it as my ‘main bank account’, that’s all I can think of.

justastudent

Terry_Towelling wrote: »

You'll have to talk to NatWest about how they will want the OD to be repaid.

You say you don't have a job but that you were planning on making repayments from next month, so you obviously have a source of finance that will cover it (in time). You also say you have an account elsewhere; does that have an OD facility that you can use?

You're not very young (as you put it); someone under 5 years old might claim to be very young but you are over 18 (apparently).

I don't know why you'd be concerned about an AP marker affecting your credit file; you are hardly in a position to service any further debt, so you wouldn't be applying for any, would you?

Your opening post suggests you were alleged to be in violation of the account T&Cs; why did you reach that conclusion when the transcript of the NatWest text in your second post says nothing of the sort?

1. Yes I was, as a student, student loans does help

2. Yes I have another account with an overdraft facility, but not so much that amount of money to just cough up

3. Well no not really suppose, but more so thinking about things like mobile phone contracts, I already have a credit card and pay for utilities by direct debits. I suppose 6 years feels like a scary amount of time that’s all

4. No I must’ve not understood it then I assumed ‘in line with the t&c’s of your account’ meant I did something supposedly wrong against them but now it’s been made clear that they’re saying they’re allowed to close accounts at their wish in line with t&cs, my bad.

Thrugelmir

justastudent wrote: »

No not at all. I just have had the account opened for around 15 months, within the first 3 I used all the o/d facility and hadn’t used it for about idk 9 months; I.e never paid anything into or out of it and left at same high negative balance...in turn I didn’t use it as my ‘main bank account’, that’s all I can think of.

Seems as if you don't want a relationship with the NatWest. So they've decided to terminate theirs with you. In this world there's no such thing as a free lunch.

Given the time span you've had plenty of opportunity. "Suddenly" needs to be put into context.

JuicyJesus

justastudent wrote: »

No not at all. I just have had the account opened for around 15 months, within the first 3 I used all the o/d facility and hadn’t used it for about idk 9 months; I.e never paid anything into or out of it and left at same high negative balance...in turn I didn’t use it as my ‘main bank account’, that’s all I can think of.

That's probably why they're calling it in. If you have a student account you are expected to have some money going through it, usually your student loan.

Nemodot

So you opened it for the overdraft and didn't use the account and just used it as a "loan".

No wonder they closed it! Your fault entirely.

Jonathan_Kelvin

justastudent wrote: »

Willing2Learn wrote: »

As stated by Thrugelmir, that would most likely result in 12 months of the dreaded 'AP' markers on your credit file. You could avoid the AP marker if you can successfully apply for a money transfer card with a 0% APR promotional window.

But how could I? I'm a student, I don't currently have a job! Being under the impression that I had the account until I graduated I had made my own plans to repay the O/D, not through this outrageous arrangement payment method! This is gonna ruin any financial future for 6 years+ !

But as per above, you agreed when you opened the account that the overdraft was repayable on demand. You are presumably off for Christmas at the moment, can you not find work now, and then take on weekend work during term time?